Saga Coffee (Evoca) closes Bologna plant
The facility (former Saeco Vending) employed 220 workers
Saga Coffee of Gaggio Montano, in the province of Bologna, formerly Saeco Vending, a branch of the historic company in the Bolognese Apennines that produces coffee machines for restaurants and bars, controlled by the Bergamo-based Evoca Group, is expected to close by 2022.
The announcement was made to the unions by CEO Andrea Zocchi. According to the company "all viable alternatives have been considered: the decision is the result of an in-depth analysis of the market, which has highlighted the need to rationalise the group's structure, due to production overcapacity and the impossibility of the Gaggio Montano plant to reach the necessary levels of competitiveness".
The stoppage should take place on 31 March, while production will be relocated between Romania and Valbrembo, where Evoca's headquarters are located. At risk are 222 employees, 80% of whom are women.
Evoca Group is a world leader in the production of professional coffee machines and one of the main international operators in the Vending, Ho.Re.Ca. and Office Coffee Solutions sectors. Its best known brands are Gaggia, Saeco, Necta and Ducale.
With a 2019 turnover of €462 million, the company is a creature of international finance. It has been controlled since 2015 by the British fund Lone Star, which had taken control of the group from the Equistone (formerly Barclays Private Equity) and Investcorp funds, which had previously bought the company in 2008 from two other private equity funds (Argan Capital and Merrill Lynch Private Equity). The latter, in turn, had bought Evoca in 2005 from the Compass Partners International fund, which in 1999 had created the group by acquiring the Italian company Necta (formerly Zanussi Vending) from Electrolux-Zanussi and then merging it with the Danish company Wittenborg.
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